Research on the Impact of Corporate Social Responsibility Information Disclosure on Financing Constraints—Based on the Empirical Evidence of China's Top 50 Enterprises

Abstract

Information asymmetry is one of the important factors of corporate financing constraint problem, the current domestic research on corporate social responsibility information disclosure is one of the few, so this article from the perspective of information disclosure of the empirical research, in order to get the relevance of information disclosure and financing constraints, and help enterprises to reduce degree of financing constraints. Based on the cash-cash sensitivity model established by aomeda, this paper adopts the social information disclosure data of global. Through the empirical analysis of the data of the top 50 listed companies in China from 2011 to 2013, it is found that the effective disclosure of CSR information can help enterprises alleviate financing constraints to some extent. The more perfect the disclosure information is, the higher the quality is, the lower the degree of financing constraints will be. Therefore, this paper proposes that enterprises should enhance their awareness of corporate social responsibility, improve social responsibility information disclosure, and the country should introduce relevant laws to expand the scope of information disclosure.